Miller also damaged the medial collateral and posterior cruciate ligaments in the knee, Coach Mike Tomlin said.
"Unfortunately his season comes to an end," Tomlin said in a statement. "He has been rock solid for us and we really appreciate his efforts. We understand injuries are a part of the game, but unfortunately it brings his season to a close."
Miller suffered the injuries in Sunday's loss to the Cincinnati Bengals, which eliminated the Steelers from playoff contention.
He ended the season with 71 receptions for a career-high 816 yards and eight touchdowns.
Notable deaths of 2014 [PHOTOS]
Michael Sam cut from the Dallas Cowboys